Rite-AID (RAD) Overdone or Done In? Message Board

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Non-Tech : Rite-AID (RAD) Overdone or Done In?

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Oct 16 5:00 PM EST

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To: kendall harmon who started this subject	5/16/2001 9:45:33 AM
From: robert a belfer	Read Replies (1) of 700

Rite Aid Sets $3 Billion Refinance Deal May 16 8:59am ET CAMP HILL, Pa. (Reuters) - Rite Aid Corp. , the No. 3 U.S. drugstore chain, said on Wednesday it has arranged a new $3 billion debt refinancing deal that would allow it to meet its repayment obligations maturing before 2005. The company said in a statement that the new credit facility is subject to the issuance of about $1.05 billion in new debt or equity securities, of which $527 million has already been committed or arranged. Rite Aid said it also plans to raise, at a minimum, the additional $523 million by issuing equity and fixed-income securities through real estate mortgage financing, in transactions that will close simultaneously with the new credit facility. Rite Aid has made debt reduction its priority this year as it emerges from nearly two years of unprofitability and a 1998 accounting scandal that forced a downward restatement of its 1998 and 1999 earnings by $1 billion.

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